Question 28 of 30 Question 28 16 points Save Answer Corcoran Corporation acquired machinery & equipment on January 1, 2018. The company paid $50,000 for the machinery & equipment. In addition the company paid $5,000 for shipping, and $2,000 assembley. The company's accounting manager estimates the machinery & equipment to have a five-year useful life and a residual value of $5,000. Question #1 On January 1, 2018, how much should Corcoran Corporation record for the cost of the machinery & equipment ? Question #2 Using the straight-line method, what would be the yearly depreciation for the machinery & equipment for 2018 through 2022? Question #3 Using the units-of-production method, compute depreciation for the years 2018 through 2022. The machinery & equipment is expected to run for 20,000 hours in five years. 5,000 hours in 2018, 4,500 hours in 2019, 2,000 hours in 2020, 3,000 hours in 2021 and 5.500 hours in 2022 1. 2018 2. 2019 3. 2020 4. 2021 5. 2022 Question #4 On December 31, 2022, the company sold the machinery & equipment for $7,000 cash. Compute the gain on sale using straight line depreciation method